Luxembourg’s Fintech environment has today received another important addition with the granting of an EU Payment Institution license to Bitstamp, the leading bitcoin exchange in Europe.
Bitstamp was established in 2011 as a marketplace allowing people from around the world to securely buy and sell bitcoin.
With today’s announcement by Luxembourg’s Minister of Finance, Pierre Gramegna, Bitstamp becomes the first fully EU-licensed and regulated bitcoin exchange in Europe and will be able to launch regulated services across the EU from their new headquarters in Luxembourg. Bitstamp has simultaneously launched EUR/BTC trading to better serve the European markets.
Bitstamp has led the bitcoin industry on several key security and regulatory decisions, including being the first bitcoin exchange to require full Anti-Money Laundering/Know Your Customer protocols and to implement highly secure multi-signature accounts.
Bitstamp says it chose Luxembourg due to the country’s long and established history of fostering innovation. A leader in e-payments as well as the European hub for many global players including Amazon, Rakuten and PayPal, Luxembourg embodies an exceptionally strong infrastructure and the financial and security awareness Bitstamp was seeking.
Dan Morehead, CEO of Pantera Capital and chairman of Bitstamp said, “Luxembourg recognises the economic potential of bitcoin and blockchain technology. It has set an example for other nations to embrace the industry after having conducted heavy due diligence of the technology and of Bitstamp as a company. Bitstamp becoming the first nationally regulated bitcoin exchange is a historic achievement for digital currency.”